There are differences between the short- and
long-run elasticities of fuel consumption with respect to price. Typically,
short-term elasticities are in the region of -0.3 and long-term between -0.6 and
-0.8. Therefore, it may be right to say that ”it won’t make much difference” or
”people will use their cars just the same”, but only in the short run. The
evidence is clear - and remarkably consistent over a wide range of studies in
many countries - that in the long run there is a significant response, albeit a
less than proportionate one.

In other words, a 10% rise in petrol prices reduces petrol demand by 3% in
the short-term, and by 6-8% in the long-term. (Although the study isn’t clear on
this point, I’m guessing short term is <1 year, and long term is >1 year.)
...

There are differences between the short- and
long-run elasticities of fuel consumption with respect to price. Typically,
short-term elasticities are in the region of -0.3 and long-term between -0.6 and
-0.8. Therefore, it may be right to say that ”it won’t make much difference” or
”people will use their cars just the same”, but only in the short run. The
evidence is clear - and remarkably consistent over a wide range of studies in
many countries - that in the long run there is a significant response, albeit a
less than proportionate one.

In other words, a 10% rise in petrol prices reduces petrol demand by 3% in
the short-term, and by 6-8% in the long-term. (Although the study isn’t clear on
this point, I’m guessing short term is <1 year, and long term is >1 year.)
...